Bitcoiners Are Building a Sidechain Version of Ethereum's MakerDAO

pubblicato su by Coindesk | pubblicato su

The bitcoin community may soon have its own version of ethereum's flagship decentralized finance platform.

Money on Chain, a startup currently in the process of moving to Uruguay and converting into a nonprofit trust, just launched a DeFi platform based on the bitcoin sidechain Rootstock.

"We are going to allow other projects to build the DeFi ecosystem on top of bitcoin," said Money on Chain co-founder Max Cajurzaa.

To be clear, the RSK project isn't "Based on bitcoin," it's more bitcoin-adjacent.

The RSK sidechain branches off from the bitcoin blockchain and issues bitcoin IOUs, harnessing the power produced by bitcoin miners but using a separate federation to manage the sidechain.

If these federation members turn off their servers, with their built-in nodes, the public RSK protocol will not be able to swap bitcoin IOUs for real bitcoin.

"It's most important that we can use bitcoin as collateral," Cajurzaa said.

There's Dollar on Chain, the dollar-pegged, bitcoin-backed token inspired by DAI; BitPRO, which can be used for "Passive income" by representing bitcoin fees collected from system users; and Money on Chain tokens, which are basically voting tokens akin to the Maker Foundation's MKR.Cajurzaa declined to specify who the investors are that already hold these governance tokens.

The startup dexFreight will work with DoC.DexFreight co-founder Hector Hernandez said, "a stablecoin collateralized with bitcoin will enable us to continue building DeFI solutions for the supply chain and will ultimately be a critical driver of mass adoption."

Unlike the MakerDAO system, where people lock up collateral with a smart contract and expect to get it back, in the RSK system, people expect to get as much bitcoin back as their new tokens can purchase.

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